{"id":16693,"date":"2026-10-21T19:08:17","date_gmt":"2026-10-21T13:38:17","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=16693"},"modified":"2026-10-21T19:08:55","modified_gmt":"2026-10-21T13:38:55","slug":"cbdt-exempts-interest-on-ndbs-maharajah-bonds-from-tds","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/bond-news\/cbdt-exempts-interest-on-ndbs-maharajah-bonds-from-tds\/","title":{"rendered":"CBDT Exempts Interest on NDB\u2019s Maharajah Bonds From TDS"},"content":{"rendered":"<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">\ud83d\udcdd Quick Summary:<\/div>\n<h2 class=\"gpi-custom-widget-h2-content\"><span class=\"ez-toc-section\" id=\"The_government_has_exempted_interest_on_New_Development_Banks_NDB_rupee_bonds_from_TDS_for_resident_investors_and_FIIs_The_relief_applies_from_tax_year_2026-27_and_clears_a_tax_hurdle_before_the_banks_planned_%E2%82%B925000_crore_borrowing_program\"><\/span><strong>The government has exempted interest on New Development Bank\u2019s (NDB) rupee bonds from TDS for resident investors and FIIs. The relief applies from tax year 2026-27 and clears a tax hurdle before the bank\u2019s planned \u20b925,000 crore borrowing program.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n\n\n<p>The groundwork for the New Development Bank\u2019s proposed rupee bonds in India is falling into place. IRDAI has permitted Indian insurers to invest in them, and the CBDT has added a tax notification issued on October 19. Both are enabling steps, but no issue date, tranche size, or pricing has been reported so far.<a rel=\"nofollow\" href=\"https:\/\/laex.in\/?p=21991\">\u00a0<\/a><\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/cbdt-exempts-interest-on-ndbs-maharajah-bonds-from-tds\/#The_government_has_exempted_interest_on_New_Development_Banks_NDB_rupee_bonds_from_TDS_for_resident_investors_and_FIIs_The_relief_applies_from_tax_year_2026-27_and_clears_a_tax_hurdle_before_the_banks_planned_%E2%82%B925000_crore_borrowing_program\" >The government has exempted interest on New Development Bank\u2019s (NDB) rupee bonds from TDS for resident investors and FIIs. The relief applies from tax year 2026-27 and clears a tax hurdle before the bank\u2019s planned \u20b925,000 crore borrowing program.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/cbdt-exempts-interest-on-ndbs-maharajah-bonds-from-tds\/#Timeline_of_NDBs_Rupee_Bond_Plans\" >Timeline of NDB\u2019s Rupee Bond Plans<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/cbdt-exempts-interest-on-ndbs-maharajah-bonds-from-tds\/#What_the_Exemption_Covers\" >What the Exemption Covers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/cbdt-exempts-interest-on-ndbs-maharajah-bonds-from-tds\/#What_Are_Maharajah_Bonds\" >What Are Maharajah Bonds?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/cbdt-exempts-interest-on-ndbs-maharajah-bonds-from-tds\/#The_Funding_Plan\" >The Funding Plan<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/cbdt-exempts-interest-on-ndbs-maharajah-bonds-from-tds\/#Why_It_Matters\" >Why It Matters<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/cbdt-exempts-interest-on-ndbs-maharajah-bonds-from-tds\/#What_to_Watch\" >What to Watch<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/cbdt-exempts-interest-on-ndbs-maharajah-bonds-from-tds\/#What_It_Means_for_Investors\" >What It Means for Investors<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/cbdt-exempts-interest-on-ndbs-maharajah-bonds-from-tds\/#Disclaimer\" >Disclaimer<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Timeline_of_NDBs_Rupee_Bond_Plans\"><\/span><strong>Timeline of NDB\u2019s Rupee Bond Plans<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>When<\/strong><\/td><td><strong>Development<\/strong><\/td><\/tr><tr><td>About two years before September 2025<\/td><td>NDB had planned to tap the rupee bond market, but issuance was delayed because government and central bank approvals did not materialize.<\/td><\/tr><tr><td>September 2025<\/td><td>Sources told Reuters that NDB planned its first rupee bond in the domestic market before end-March 2026.<\/td><\/tr><tr><td>August 27, 2026<\/td><td>IRDAI permits insurers to invest in the bonds.<\/td><\/tr><tr><td>October 19, 2026<\/td><td>CBDT notifies the TDS exemption.<\/td><\/tr><tr><td>Next<\/td><td>Issue date, size, coupon and tenor not yet reported<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_the_Exemption_Covers\"><\/span><strong>What the Exemption Covers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The exemption applies to interest paid by NDB to holders of Maharajah INR Bonds in tax year 2026-27 and later years. It covers residents, whether individuals or entities, and Foreign Institutional Investors. In practice, NDB will not deduct tax at source when paying interest to these holders.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Are_Maharajah_Bonds\"><\/span><strong>What Are Maharajah Bonds?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A maharajah bond is an onshore, rupee-denominated bond issued within India, which sets it apart from masala bonds issued in global markets. NDB is a multilateral development bank founded by the BRICS countries and headquartered in Shanghai, financing infrastructure and sustainable development in emerging economies. It is not the first international lender to use the format: the International Finance Corporation raised \u20b9600 crore through its own maiden maharaja bonds.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">L(earn) More:<\/h3>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/rbi-october-mpc-meeting-minutes-inflation-spreading-and-more-rate-hikes-possible\/\" aria-label=\"RBI October MPC Meeting Minutes: Inflation Spreading, and More Rate Hikes Possible\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/22190723\/RBI-October-MPC-Meeting-Minutes-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"RBI October MPC Meeting Minutes\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/22190723\/RBI-October-MPC-Meeting-Minutes-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/22190723\/RBI-October-MPC-Meeting-Minutes-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/22190723\/RBI-October-MPC-Meeting-Minutes-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/22190723\/RBI-October-MPC-Meeting-Minutes-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/22190723\/RBI-October-MPC-Meeting-Minutes.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/rbi-october-mpc-meeting-minutes-inflation-spreading-and-more-rate-hikes-possible\/\">RBI October MPC Meeting Minutes: Inflation Spreading, and More Rate Hikes Possible<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/rbi-rejects-all-224-t-bill-bids-as-yields-surge-impact-on-liquidity-and-rates\/\" aria-label=\"RBI Rejects All 224 T-Bill Bids as Yields Surge: Impact on Liquidity and Rates\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/22190101\/RBI-Rejects-All-T-Bill-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"RBI Rejects All T Bill\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/22190101\/RBI-Rejects-All-T-Bill-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/22190101\/RBI-Rejects-All-T-Bill-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/22190101\/RBI-Rejects-All-T-Bill-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/22190101\/RBI-Rejects-All-T-Bill-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/22190101\/RBI-Rejects-All-T-Bill.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/rbi-rejects-all-224-t-bill-bids-as-yields-surge-impact-on-liquidity-and-rates\/\">RBI Rejects All 224 T-Bill Bids as Yields Surge: Impact on Liquidity and Rates<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/surety-bonds-in-india-meaning-types-benefits-how-they-work\/\" aria-label=\"Surety Bonds in India: Meaning, Types, Benefits &amp; How They Work\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/21165027\/Surety-Bonds-in-India-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Surety Bonds in India\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/21165027\/Surety-Bonds-in-India-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/21165027\/Surety-Bonds-in-India-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/21165027\/Surety-Bonds-in-India-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/21165027\/Surety-Bonds-in-India-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/21165027\/Surety-Bonds-in-India.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/surety-bonds-in-india-meaning-types-benefits-how-they-work\/\">Surety Bonds in India: Meaning, Types, Benefits &amp; How They Work<\/a><\/li>\n<\/ul>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Funding_Plan\"><\/span><strong>The Funding Plan<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>NDB proposes to raise about \u20b925,000 crore over five years through the bonds. The proceeds would go to infrastructure, green, social and sustainable-development projects. Because the bonds are denominated in rupees, they would let the bank raise domestic capital for lending to projects in India.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_It_Matters\"><\/span><strong>Why It Matters<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>With insurers permitted to invest and interest now free of deduction at source, the bonds may be easier to market to domestic institutions. A TDS exemption removes the deduction at source, though, and does not by itself make the income tax-free, so holders would still need to account for it in their returns.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_to_Watch\"><\/span><strong>What to Watch<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Terms of the first issue, including size, coupon and tenor, which will show how much demand the exemption generates<\/li>\n\n\n\n<li>The issue date, which has not been announced<\/li>\n\n\n\n<li>Whether NDB prices the bonds in line with other rupee issues from multilateral lenders<\/li>\n\n\n\n<li>Whether other multilateral lenders that have issued rupee bonds seek similar treatment<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_It_Means_for_Investors\"><\/span><strong>What It Means for Investors<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Anyone considering the bonds should wait for the final terms and check the notification for any conditions that apply to their category of investor. The tax treatment is only one part of the picture, alongside coupon, tenor and the bank\u2019s credit standing.<\/p>\n\n\n<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">Ready to Invest?<\/div>\n<div class=\"gpi-custom-widget-content\">\n<p>Visit <a href=\"https:\/\/goldenpi.com\/\">GoldenPi<\/a> to explore current bond options. Compare yields, ratings, and tenures in one place and invest online with as little as \u20b930,000.<\/p>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Disclaimer\"><\/span>Disclaimer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Fixed returns do not constitute guaranteed or assured returns. Investments in corporate debt securities and municipal debt securities\/securitized debt instruments are subject to credit risks, market risks, and default risks, including delay and\/or default in payment. Read all the offer-related documents carefully. This blog\/article should not be construed as financial advice or as an offer or recommendation to buy or sell any security or any products\/services of\/on GoldenPi or any product\/services of its third-party client(s). For a detailed calculation of YTM, visit our website.&nbsp;<a href=\"https:\/\/delivery.goldenpi.com\/XPRBSN?id=162365=ch0GCFVXBVBUH1QDUlZXUlgBVgNSUwJVWgQGDFJQAVsEUwRfBldSBFVUAglRBFJSAA0ZBgxfQFBbERxBFSNTV10FU1cTDBgFDg5OAFIKVVFQBlZTVwQBBgFSAg0aC0BMQRIMFkwBUwoIFVdDHBwCCw1QAAsTWBpSVwgebDYxdmt\/Xl9dHxMF&amp;fl=WRVCSRBfGUkETltfVwNLAxVbCQwNWhpYVkpFGwMOBRcEWQMNUEoHSQJaV1BQAQQHTAZXA1IcAAMOBBxWB1IMFQUEVQxXXAEFBVQEUkpTVlMCUFEHU1JVAwhUAFECAQZaVFEADVAAVQBXVFRUUw==\" target=\"_blank\" rel=\"noreferrer noopener\">T&amp;C\u2019s Apply<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ud83d\udcdd Quick Summary: The government has exempted interest on New Development Bank\u2019s (NDB) rupee bonds from TDS for resident investors and FIIs.&hellip;<\/p>\n","protected":false},"author":17,"featured_media":16694,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[1026,25],"tags":[],"class_list":["post-16693","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-guide","category-bond-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CBDT Exempts Interest on NDB\u2019s Maharajah Bonds From TDS: Key Details<\/title>\n<meta name=\"description\" content=\"CBDT exempts interest on NDB\u2019s Maharajah Bonds from TDS. 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